TRADE OF AMERICA

New Zealand Herald, Volume LXXIII, Issue 22615, 31 December 1936, Page 9

TRADE OF AMERICA

NINE MONTHS' FIGURES BIG FOREIGN DEALINGS INCLUSION OF DOMINIONS B.v Telegraph—Press Association —Copyright (Received December 30, 7.30 p.m.) WASHINGTON, Dec. 30 The National Chamber of Commerce announces that the foreign trade of the United States for the first nine months of this year was valued at 3,500,000,000 dollars. This was accompanied by very wide geographical distribution. Purchases and sales abroad in the past. 10 years are cited. Increases in exports include: To Australia, 12.3 per cent; to New Zealand, 32.3 per cent. Increases in imports include: From Australia, 69.1 per cent: from New Zealand, 15.9 per cent.

DUTIES OF CONGRESS CONDITIONS IN INDUSTRY INTENTIONS OF PRESIDENT (Received December 30, 7.30 p.m.) WASHINGTON, Dec. 30 Although President Roosevelt denies any intention of attempting to revive the National Recovery Act. he stated emphatically to-day that the Government. during the approaching session of Congress, must find a means of abolishing child labour and of fixing minimum wages and maximum hours in industry. The President condemned the gradual abandonment of the standards contained in the defunct National Recovery Act in favour of cut-throat business methods.

SIGN OF RECOVERY NEW YEAR'S BALL HOSTESS' LAVISH PLANS (Received December 30, 6.30 p.m.) WASHINGTON, Dec. 09 Evidence of the return of prosperity in America is seen in the renewal of the famous New Year's Ball. Mrs. Evelyn Walsh, owner of the famous Hope Diamond, will spend 50.000 dollars on the work of adding a temporary wing to her house to provide room to seat 300 diners and wto accommodate SCO dancers. Notable people from all over the Unitsd States will attend the ball.

PURCHASE OF GOLD STERILISATION PROGRAMME UNITED STATES TREASURY (Received Dectmber 30, 6.30 p.m.) WASHINGTON, Dec. 29 The first purchase , under the Treasury's sterilisation programme consisting of 14.535.000 dollars worth of gold is announced. Daily announcements of purchases will be made hereafter. A cablegram from Washington on December 21 stated: As a means to curb a widely-predicted post-Christmas boom which, it is claimed, would rival that preceding the 1929 market collapse, the Federal Treasurer, Mr. H. L. Morgenthau, to-day announced a new policy by which the Treasury will henceforth purchase and sterilise newly-mined and imported gold and not allow it to become a basis for new bank credits through the Federal Reserve system. The Treasury will issue its own securities to the public and use the proceeds to buy gold at the present rate, but instead of issuing gold certificates the Reserve Banks will set the metal aside in an inactive account where it cannot form a foundation for credit.